# R&D Efficiency & Patent Quality Analysis

| Model | Variable | Coef | SE | p-value | Sig | N | R2 |
|---|---|---|---|---|---|---|---|
| Z -> log(patents/R&D) | Z_1 | 0.0116 | 3.7541 | 0.9975 |  | 693 | 0.0748 |
| Z -> log(patents/R&D) | Z_2 | 0.2403 | 0.5395 | 0.6562 |  | 693 | 0.0748 |
| Z -> log(patents/R&D) | Z_3 | -0.0152 | 0.0214 | 0.4788 |  | 693 | 0.0748 |
| Age ratios -> log(patents/R&D) | old_dep | -3.4754 | 1.6068 | 0.0309 | ** | 693 | 0.0922 |
| Age ratios -> log(patents/R&D) | youth_dep | -3.2228 | 0.8819 | 0.0003 | *** | 693 | 0.0922 |
| Z -> nonres patent share | Z_1 | -0.5492 | 0.7407 | 0.4586 |  | 1147 | 0.2715 |
| Z -> nonres patent share | Z_2 | 0.0665 | 0.1091 | 0.5426 |  | 1147 | 0.2715 |
| Z -> nonres patent share | Z_3 | -0.0028 | 0.0044 | 0.5259 |  | 1147 | 0.2715 |
| Age ratios -> nonres patent share | old_dep | -1.4372 | 0.3751 | 0.0001 | *** | 1147 | 0.2792 |
| Age ratios -> nonres patent share | youth_dep | 0.2880 | 0.1315 | 0.0288 | ** | 1147 | 0.2792 |
| Z + human_capital -> R&D | Z_1 | 0.6722 | 1.1582 | 0.5618 |  | 708 | 0.4013 |
| Z + human_capital -> R&D | Z_2 | -0.1664 | 0.1663 | 0.3172 |  | 708 | 0.4013 |
| Z + human_capital -> R&D | Z_3 | 0.0095 | 0.0066 | 0.1551 |  | 708 | 0.4013 |
| Z + human_capital -> R&D | human_capital | 0.6883 | 0.1233 | 0.0000 | *** | 708 | 0.4013 |